Arm Holdings plc (NASDAQ:ARM) Shares Acquired by Covenant Asset Management LLC

Covenant Asset Management LLC boosted its holdings in Arm Holdings plc (NASDAQ:ARM) by 0.9% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 32,312 shares of the company’s stock after purchasing an additional 285 shares during the period. ARM comprises 0.7% of Covenant Asset Management LLC’s portfolio, making the stock its 26th largest position. Covenant Asset Management LLC’s holdings in ARM were worth $4,621,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. RiverPark Advisors LLC boosted its holdings in ARM by 45.3% in the second quarter. RiverPark Advisors LLC now owns 247 shares of the company’s stock valued at $40,000 after purchasing an additional 77 shares during the last quarter. Hexagon Capital Partners LLC boosted its holdings in ARM by 14.0% in the third quarter. Hexagon Capital Partners LLC now owns 627 shares of the company’s stock valued at $90,000 after purchasing an additional 77 shares during the last quarter. BOKF NA boosted its holdings in ARM by 33.3% in the first quarter. BOKF NA now owns 400 shares of the company’s stock valued at $51,000 after purchasing an additional 100 shares during the last quarter. Louisiana State Employees Retirement System lifted its holdings in ARM by 1.1% during the 3rd quarter. Louisiana State Employees Retirement System now owns 9,500 shares of the company’s stock worth $1,359,000 after buying an additional 100 shares during the last quarter. Finally, Comerica Bank lifted its holdings in ARM by 6.1% during the 1st quarter. Comerica Bank now owns 1,780 shares of the company’s stock worth $222,000 after buying an additional 103 shares during the last quarter. Hedge funds and other institutional investors own 7.53% of the company’s stock.

Wall Street Analyst Weigh In

ARM has been the topic of a number of research analyst reports. Barclays increased their target price on ARM from $125.00 to $145.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Evercore ISI increased their target price on ARM from $173.00 to $176.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. The Goldman Sachs Group increased their target price on ARM from $144.00 to $159.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Sanford C. Bernstein downgraded ARM from a “market perform” rating to an “underperform” rating and set a $100.00 target price on the stock. in a report on Thursday, October 31st. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of ARM in a report on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, ARM has a consensus rating of “Moderate Buy” and a consensus target price of $149.86.

ARM Price Performance

ARM opened at $132.85 on Friday. Arm Holdings plc has a 12 month low of $59.00 and a 12 month high of $188.75. The stock has a market cap of $139.20 billion, a P/E ratio of 221.42, a P/E/G ratio of 6.64 and a beta of 5.40. The stock’s 50 day moving average price is $143.52 and its 200 day moving average price is $140.20.

ARM (NASDAQ:ARM) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.04. ARM had a return on equity of 13.69% and a net margin of 18.13%. The company had revenue of $844.00 million for the quarter, compared to analysts’ expectations of $810.03 million. During the same period last year, the firm earned $0.36 EPS. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. Equities analysts anticipate that Arm Holdings plc will post 0.79 EPS for the current year.

ARM Profile

Arm Holdings plc architects, develops, and licenses central processing unit products and related technologies for semiconductor companies and original equipment manufacturers rely on to develop products. It offers microprocessors, systems intellectual property (IPs), graphics processing units, physical IP and associated systems IPs, software, tools, and other related services.